Business Directories

Egypt revises 2011/12 budget deficit to 11pc GDP

Cairo, September 11, 2012

Egypt revised up its budget deficit for the 2011/12 fiscal year to 11 per cent of gross domestic product from an earlier projection of 8.6 per cent, the finance minister said on Tuesday.

The deficit was 170 billion Egyptian pounds ($27.92 billion) in the year that ended on June 30 and not the 134 billion pounds projected earlier, Mumtaz al-Saeed said in a statement carried on the Finance Ministry website. – Reuters